| If you have just filed for bankruptcy you don't need to | | | | offered with higher interest rates. Lenders are willing to |
| wait for 7 to 10 years for your bankruptcy filing to be | | | | lend you money for a new car or house because |
| removed from your credit report. You can rebuild | | | | these loans are secured loans, meaning that they will |
| credit right after bankruptcy. Credit repair after | | | | take away the car or the house should you fail to |
| bankruptcy requires your self-discipline, commitment | | | | repay. To get approved for these types of loans you |
| and persistence. It is a long term process but the | | | | need to have a good steady income and sufficient |
| reward is new, productive spending habits. Just follow | | | | money for the down payment |
| these 5 tips to succeed: | | | | Tip# 4 - The best way to do a credit repair after |
| Tip# 1 - Get a copy of your credit report from each of | | | | bankruptcy is to make timely payments to all your |
| the 3 major credit bureaus -- Equifax, Experian and | | | | existing bills and other debt that were not discharged -- |
| Transunion. Since each reporting agency keeps | | | | such as student loans. In fact, by applying for a |
| separate records of your credit history you need to | | | | secured credit card you will be able to show to |
| make sure that your records are correct and | | | | concerned lenders that you can pay your obligations |
| accurate. If you find any mistakes on your credit report | | | | promptly and regularly. And by doing so in as short as |
| such as a wrong address or credit payment contact | | | | two years of timely payments, you will improve your |
| the reporting agency. They should remove the error if | | | | credit rating and get better deals on new lines of credit. |
| they fail to verify the information within 30 days. | | | | Tip# 5 - Control the number of credit lines that you |
| Tip# 2 - If you find no mistakes on your credit report | | | | open. This means that you only apply for a loan or a |
| you cannot do anything about any unfavorable | | | | credit card only if you absolutely need it and you |
| information such as your bankruptcy filing. You have to | | | | afford to pay it back. Instead of borrowing money you |
| wait for it to be erased from your report after 7 to 10 | | | | will be developing the habit of saving money so that |
| years -- depending on which chapter you filed. | | | | you don't always rely on credit to pay for your needs. |
| Tip# 3 - You need to secure a new line of credit. With | | | | You can set aside as much as you can afford every |
| some limitations you can still get a loan through a | | | | month to cover you should you experience any major |
| secured credit card, where you open a savings | | | | set back. |
| account -- as collateral -- and your bank issues you a | | | | So credit repair after bankruptcy should not just be |
| credit card. You can charge up your secured credit | | | | about improving creditworthiness but it should also |
| card to the amount of your cash deposit. Make small | | | | develop the habit of managing money to prevent you |
| purchases to keep the credit limit low so that you will | | | | from making the same mistake twice of incurring too |
| be easy to pay them off every month. | | | | much debt. There are no shortcuts. It requires your |
| Another way to secure a new line of credit is getting a | | | | self-discipline, commitment and persistence. |
| car loan or a mortgage loan, where they are usually | | | | |